Property Management- What NOT to Do
This blog post contains common mistakes made in property management that can have significant repercussions. Property managers should avoid these items in order to perform optimally and constantly improve.
Property managers are constantly looking for tips and tricks on what they can do to be better at their job, as it is only natural to want to constantly improve. Of course, an obvious technique for doing so is to seek out things that we CAN do that will make us better. However, what many property managers and people in general don’t realize is that there is the possibility that there are actually many things that they currently already do that may be holding them back from improving. Because of this, our blog post will be focused around common mistakes and actions that the property manager should NOT do.
Renting to inappropriate occupants
Too many property managers, both in commercial and multifamily, get caught up in the idea that “a renter is a renter” and don’t take the appropriate screening measures to make sure that the occupant will be a right fit for the property. Examples of occupants that are a bad fit include those more likely to quickly turnover, those likely to miss payments or come up short and those that have committed crimes, as they create a liability for property managers and can potentially deter other potential renters. Because of this, it is essential to properly screen potential occupants. Some important items to look at include:
– Credit history
– A current source of income
– Leasing history
– Criminal records
Not outsourcing maintenance items
Too often, property managers forego utilizing maintenance services and vendors in an effort to save money and instead try to complete maintenance tasks themselves hire cheap and unskilled in house workers. However, when you try to do an expert’s job quality can greatly suffer. Not only this, as issues continue arise and pile up, the costs to take care of the situations inhouse can add up and even surpass the costs associated with hiring vendors.
Trying to tackle maintenance issues without professional services also creates major time constraints. When dealing with multiple renters and regular usage, it is inevitable to run into repairs needed. Simply performing all maintenance requests can turn into a full time job, hindering you from completing other items that you are responsible for thus sacrificing your property’s overall quality.
Keeping minimal records and documentation
Property management involves working long periods of times as well as responsibilities in multiple areas. Because of this, it is not uncommon that property managers fail to keep detailed notes and records. However, detailed notes and records are needed BECAUSE you are so busy. Simply keeping track of leases isn’t enough. You wouldn’t want any issues caused by oversights that could have been easily prevented to arise. Items you will want documentation for include:
– Purchase histories
– Maintenance histories
– Warranty records
– Communication with renters including emails and phone calls
– Formal written notices (ie: eviction notices)
Not only can these documentations help you catch sight of items that need addressing and potentially save you from spending unneeded money, but you will also need them as a source of protection in the event that legal action is ever taken against you. Because of this, it is recommended to hold onto records such as the ones mentioned above for around ten years.
By avoiding these common mistakes made by property managers, you are much more likely to see an overall improvement in job performance. For more information on how Kings III can help you as a property manager, visit www.kingsiii.com.
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